XML 18 R17.htm IDEA: XBRL DOCUMENT v3.19.2
BORROWINGS
12 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

NOTE 9. BORROWINGS


As of June 30, 2019, the Company has no borrowings or long-term liabilities except for deferred taxes.


The Company has access to a $1 million credit facility for working capital purposes. The credit agreement requires the Company to maintain certain covenants; the Company has been in compliance with these covenants during the fiscal year. The credit agreement will expire on May 31, 2020, and the Company intends to renew annually. The credit facility is collateralized by $1 million at June 30, 2019, included in restricted cash on the balance sheet, held in deposit in a money market account at the financial institution that provided the credit facility. As of June 30, 2019, the credit facility remains unutilized by the Company.